IVRINDI & LAPSEKI GOLD PROJECTS

Halil TATAYOGLU

Chief Geologist

halil.tatayoglu@tumad.com.tr

www.tumad.com.tr

MINING INDUSTRY AND TRADE INC.

DISCLAIMER

This presentation has been prepared by Tumad Mining Industry and Trade Inc. (Tumad). The information contained in this presentation is a professionalopinion only and is given in good faith.

Certain information in this document has been derived from third parties and though Tumad has no reason to believe that it is not accurate, reliable orcomplete, it has not been independently audited or verified by Tumad. Any forward-looking statements included in this document involve subjectivejudgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to,Tumad. In particular, they speak only as of the date of this document, they assume the success of Tumad’s strategies, and they are subject tosignificant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward lookingstatements and the assumptions on which the forward looking statements are based. Recipients of this document ("Recipients") are cautioned to notplace undue reliance on such forward-looking statements.

Tumad makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not takeresponsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued. Tothe extent permitted by law, Tumad and its officers, employees, related bodies corporate and agents ("Agents") disclaim all liability, direct, indirect orconsequential (and whether or not arising out of the negligence, default or lack of care of Tumad and/or any of its Agents) for any loss or damagesuffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information.

The exploration data and results, resource and reserve statements, feasibility data and financial statements contained in this presentation are based oninformation related to Mineral Resource and Feasibility Studies of Tumad reviewed by Halil Tatayoglu. He is Chief Geologist of the Company and hassufficient experience to analyse which is relevant to this type of data.

1

TUMAD AT A GLANCE

2

Ivrindi major license has been acquired from

government with an auction and drilling campaign has

started afterwards.

2013

TÜMAD is part of a large, %100 Turkish

conglomerate called NUROL Holding

2012

Lapseki Project (Kestanelik) has been acquired

from Chesser Resources (Australia).

2014

Mineral Resource Estimation and Definitive

Feasibility Studies Compliant with International

Standards (NI 43-101 and JORC) for Lapseki

and Ivrindi Projects have been completed.

2015-2016

Lapseki Project has been commissioned.

2017

Ivrindi investment studies are in progress.

2018-2019

FINANCE AGREEMENT

3

FINANCE

AGREEMENT

210,000,000 USD

ENVIRONMENTAL AND

SOCIAL IMPACT STUDIES

MANAGEMENT PLANS

AND PROCEDURES

UPDATING

RESERVE

REVIEW OF

TECHNICAL DATA

TUMAD’s Ivrindi and Lapseki Projects Receive from EMEA Finance and GFC Media

“Best Natural Resources Deal” Award

PROJECT LOCATIONS

4

LAPSEKI PROJECT

IVRINDI PROJECT

MAJOR PROSPECTS OF NW TURKEY

5

Lapseki

Ivrindi

Kirazli

TV

Tower

Karadag

Halilaga

Agi

Dagi

Egmir

Tepeoba

Kucukdere

Balya

Red Rabit

Akarca

Gediktepe

Operations

In DevelopmentOvacik

Cukuralan

CanakkaleBandirma

Balikesir

Province

Biga

IvrindiBigadic

Can

Gelibolu

> 10 million ounces gold potential

IVRINDI PROJECT SO FAR

6

2012 2013 2014 2015 2016 2017 2018

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Project

Startup

Permits and Drilling Studies

Environmental

and Social

Studies

Environmental and Social Studies

EIA Report

Resource and

Reserve

Studies

3 NI 43-101 Compliant Resource Report

NI 43-101 Pre Feasibility & Feasibility Studies

Investment

and Finance

Detail Engineering and

Construction

Finance Due Diligence and SIP

IVRINDI PROJECT EXPLORATION STAGE

7

SURFACE SAMPLING

• 450 rock chip

• 190 channel

• 450 soil

DRILLING

• 460 Drill Hole

• 100,000 meters

GEOPHYSICAL STUDIES

• 45.6 km MAG GAR

• 48.6 km IP/Res

SURFACE MAPPING

• 1/5,000 geology

• 1/1,000 vein and alteration

• 1/1,000 cartographic

IVRINDI PROJECT MAIN ZONES AND GEOLOGY

8

South

Ballik

Kabak

Kartel

Gok Tepe

InrusionMetamoprhics

Andesitic

Volcanics

Volcano

Sedimentary

IVRINDI PROJECTRESOURCE & RESERVE STATEMENT

9

CategoryMineralise

(mton)

Au

(g/t)

Ag

(g/t)

Recovered Metal

Gold (ons)

Recovered Metal

Silver (ons)

Proven 7,90 0.82 1.92 146,000 224,500

Probable 37,10 0.63 1.56 529,200 857,000

Grand Total 45,00 0.67 1.62 675,200 1,081,500

CategoryMineralise

(mton)

Au

(g/t)

Ag

(g/t)

Metal Content

Gold (ons)

Metal Content

Silver (ons)

Measured 11.1 0.82 2.25 292,200 804,300

Indicated 52.5 0.57 1.58 957,300 2,662,200

Mea & Ind 63.6 0.61 1.70 1,250,000 3,500,000

Inferred 51.0 0.55 1.27 904,000 2,082,000

Grand Total 114.6 0.59 1.52 2,154,000 5,582,000

IVRINDI PROJECTDESIGN CRITERIA

10

FINANCE

• Total CAPEX is 220 M $

• Operating cash cost 509 $ / ons

• Payable gold 675,000 ons

• Investment is going to be completed at

the end of 2019

PROCESS

• Heap leach

• 70% leach recovery (estimated)

• Daily process capacity 21,260 ton

MINING

• Open Pit

• 6 years of mine life

• Annual 7.7 Mt ore production

• Overall strip ratio is 2.3

* All information is based on TUMAD Feasibility Report at 2017

IVRINDI PROJECTPLANT LAYOUT

11

Crushing - Screening

Main

Switchyard

ADR

Heap Leach

Aglomeration Power Transmission Line

HPGR

Ponds

Ancillary Facilities

11/07/2018

LAPSEKI PROJECT SO FAR

12

2009-2013

2014 2015 2016 2017 2018

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Project

StartupPermits and Drilling Studies

Environmental

and Social

Studies

Environmental and Social Studies

EIA Report

Resource and

Reserve

Studies

2 JORC Compliant

Resource Report

NI 43-101 Feasibility Study

Investment

and Finance

Detail Engineering and

Construction

Finance Due Diligence and SIP

Infill and Exploration Drillings

Pre-Feasibility

Studies

3 JORC Compliant Resource

Report

LAPSEKI PROJECT EXPLORATION STAGE

13

SURFACE SAMPLING

• 601 rock chip

• 333 channel

• 5283 soil

DRILLING

• 850 Drill Hole

• 120,000 meters• TUPRAG:1,500m

• Chesser: 70,500m

• TÜMAD: 48,000m

GEOPHYSICAL STUDIES

• 35.6 km MAG GAR

• 38.6 km IP/Res

SURFACE MAPPING

• 1/5,000 geology

• 1/1,000 vein and alteration

• 1/1,000 cartographic

LAPSEKI PROJECTMAIN ZONES

14

LAPSEKI PROJECTSTRATIGRAPHY

15

FORMATION ROCK TYPE CONTACT REMARK

COLLUVIUM

BASALT, ANDESITE

RHYOLITE AND

BASALTIC

VOLCANOCLASTICS

AND PYROCLASTS

SANDSTONE WITH

NUMMULITES

ANDESITIC LAVA

AND PYROCLASTS

GRANITE AND

DIORITE PORPHYRY

CETMI OPHIOLITIC

MELANGESERPANTINITE

SAHINLI FORMATION

SOGUCAK FORMATION

BEYCAYIR FORMATION

EOCENE GRANITES

CAMLICA

METHAMORPHICS

MICA SCHIST,

QUARTZ SCHIST

AND CALC SCHIST

DISCONFORMITY

BILALLER UNIT

NONCONFORMITY

MAGMATIC CONTACT

TECTONIC CONTACT

LAPSEKI PROJECTCONCEPTUAL MODEL

16

KARAKOVAN & KARATEPEKESTANELIK

* Suggested model illustrating mode of formation and vertical zonation of

epitermal veins in the Lapseki deposit, Kuscu 2011

Syntethic faultsAntitethic faults Present level of erosionSouth

North

LAPSEKI PROJECTRESOURCE STATEMENT

17

CategoryMineralise

(mton)

Au

(g/t)

Ag

(g/t)

Metal Content

Gold (ons)

Metal Content

Silver (ons)

Measured 1.6 2.3 2.0 116,000 104,000

Indicated 7.4 1.8 2.1 446,000 500,000

Mea & Ind 9.0 2.0 2.1 562,000 604,000

Inferred 11.0 1.1 1.4 368,000 491,000

Grand Total 20.0 1.5 1.7 930,000 1,100,000

Open Pit

Topography

Ore Body

LAPSEKI PROJECTOPEN PIT RESERVE STATEMENT

18

CategoryMineralise

(mton)Au (g/t) Ag (g/t)

Metal Content

Gold (ons)

Metal Content

Silver (ons)

Proven 1.32 2.22 1.83 90,300 56,500

Probable 5.83 1.76 1.86 312,700 252,500

Total 7.15 1.85 1.86 403,000 309,000

Some portion of orebody belonging to open pit is

planned to be mined as underground because of

the lack of geotechnical conditions

LAPSEKI PROJECTPLANT LAYOUT

Dry Stack Tailings

Crushing - Screening

Filter Press

ADR

Grinding

Tank Leach

Fine Ore Bin

Open Pit

Core ShedHaul Road

19

29/06/2018

Stockpile

LAPSEKI PROJECTDESIGN CRITERIA

20

FINANCE

• Total Capex is 160 M $

• Operating cash cost 538 $/ons

• Payable gold is 403,000 ons

• First dore poured at December 2017

PROCESS

• Conventional process plant

3 staged crushing, screening, leach

and CIP

• %96 leach recovery

• All process within enclosed area

• Daily process capacity 2,055 ton

MINING

• Open Pit

• 10 years of mine life

• Annual 0.75 Mt ore production

• Overall strip ratio is 8.5

* All information is based on TUMAD Feasibility Report at 2017

LAPSEKI PROJECTBEST AVAILABLE ENVIRONMENTAL TECHNOLOGY

21

The unique gold mine in the world

having such high level of standards

Heavy metal stabilization

with Fe SO4

Filter Press Process

Chemical destruction of CN-

to <10 ppm by INCO SO2/AirZERO discharge to

the surface water

Dry Stacked Tailings Disposal

with rock-fill embankments and

lined with a composite liner

system

Lapseki Project Receive “Best Available Technology” Award

from Istanbul Minerals and Metals Exporters Association

LAPSEKI PROJECTTOTAL PRODUCTION

22

* All numbers are project to date and based on TUMAD Production Report at February 2019

Open Pit Production

1,150,000 t

Grinded Ore

580,000 t

Poured Gold

60,000 ons

Poured Silver

30,000 ons

Gold Grade

2.40 g/t

Gold Leach Recovery

96 %

Silver Grade

2.30 g/t

Silver Leach Recovery

68 %

THANKS…

The New Power in Turkey’s Gold Production

Best available

technologies

Local

Workflow

Contribution to

national economy